Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences:

	($ in thousands)
	Situation
	1			2			3			4
Taxable income	$	145		$	335		$	345			$440
Future deductible amounts		30						35			35
Future taxable amounts					30			30			60
Balance(s) at beginning of the year:
Deferred tax asset		5						24			10
Deferred tax liability					5			5

The enacted tax rate is 40%.

Required:

For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2).)

Create a chart For situation 1-4 with the following:

Income tax paybale currently,

Deferred tax asset- Balance,

Deferred tax asset-Change,

Deferred tax liablilty- Balance and Change,

and income tax expense.